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Two people on mortgage one name on deeds, Possible?

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29-04-2005 8:03pm

#1

dwayneburke

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two people on mortgage one name on deeds, Possible?

Im buying my parents place so availing of the father to son 50% cut in stamp. (not a first time buyer).

My girlfriend is co signee on the mortgage.

I know there are legality issues here for her ppoint of view but that is a different matter all i want to know if the banks will allow one name on the deeds

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#2 30-04-2005 1:32am
nlgbbbblth

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Posts: 5446

dwayneburke wrote:

two people on mortgage one name on deeds, Possible?

Im buying my parents place so availing of the father to son 50% cut in stamp. (not a first time buyer).

My girlfriend is co signee on the mortgage.

I know there are legality issues here for her ppoint of view but that is a different matter all i want to know if the banks will allow one name on the deeds

yes, this is not unusual and there shouldn't be a problem

for the above reason (stamp) or often if one party is registered for VAT

a Deed of Confirmation needs to be completed. Your solicitor should get this as part of their mortgage pack from the bank. Obviously separate legal advice must be given to the party whose name is not going to appear on the deeds.

Ensure that you make it crystal clear on the mortgage application form that the mortgage is in joint names, but title is to be in one name only. From my experience mortgage departments tend to assume that the standard offer letter is required. This does not have the appropriate wording/clauses necessary for this requirement so make sure this crucial detail is highlighted. Use three different highlighter pens if necessary.

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#3 30-04-2005 5:59pm
Victor

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Posts: 68752

Make sure there are 3 solicitors, one each for you, your father and your girlfriend. Potentially your girlfriend is majorly out of pocket if you break up and the house is in your name. If she didn't have a solicitor to advise her, it puts you in a bad light in front of a court (because unfair pressure could be brought on her without independent advice).

Take a look at this thread: http://www.boards.ie/vbulletin/showthread.php?t=173124

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